According to the December 2021 Domain Rental Report, the median weekly rent for a unit in Perth is $390 and $460 for a house. This poses a big challenge for most residents, especially those on a tight budget, so why exactly are rentals in Perth so expensive? Read on to find out–we’ll also list some tips on how you can afford it and share alternatives to renting in Perth.
Reasons for the High Cost of Rent
Lack of Available Housing
Perth has seen population growth in recent years, but the number of new homes being built has not kept pace. This resulted in a tight housing market, driving up rents and making it difficult for people to find affordable accommodation.
Perth Is a Desirable Place to Live
Perth is considered as one of the most liveable cities in the world. It has a great climate, beautiful beaches, and a laid-back lifestyle. Of course, these factors make it a very desirable place to live, which makes renting a house in Perth expensive. While some people can’t sustain the monthly expenses of living there, some are willing to pay premium prices.
Construction Costs Are High
The average cost of constructing a double-story house in Perth is $1700 to $2500 per square metre, which is significantly higher than in other cities in Australia. This high cost is due to several factors, including the price of land, the city’s remote location, and the lack of competition among construction companies. As construction costs increase, landlords are forced to raise rents to cover their expenses.
Tips for Finding Affordable Housing in Perth
Look For Housing Outside the City Centre
While the city centre is home to many of Perth’s attractions, it also comes with a higher price tag. Rentals in the outlying areas are often much cheaper, and you can use public transportation to get into the city when needed.
Consider Sharing a Place With Roommates
Sharing a home can help to reduce your costs significantly. Not only will you split the rent with other people, you’ll also have someone to help with bills and other expenses. Roommates can also be a great way to make new friends and explore the city with someone.
Search for Housing Options That Include Utilities in Rent Costs
This can save you significant money each month, as you won’t have to worry about paying for gas, electric, water, and other utilities separately. Many landlords are willing to negotiate rent prices when utilities are included, so it’s worth asking around to see what kind of deals you can find.
Ask For Special Discounts When Signing a Lease
Many landlords offer discounts for signing a long term lease. For instance, you can get a 10% discount on your rent if you agree to sign a twelve-month lease instead of a six-month lease. If you’re flexible about your move-in date and find a place that suits your rental criteria in Perth, you might also be able to take advantage of this.
Alternatives to Renting in Perth
Buy a Home
Buying a home is a huge investment, but it may be worthwhile if you stay in Perth for a while. While generally expensive, there are still affordable housing options available. Not only will you be able to enjoy the benefits of owning your own home, but you’ll also be able to take advantage of the city’s strong economy and diverse culture.
Stay in a Hostel or Hotel
Hostels and hotels offer a wide range of services, including breakfast, laundry, and internet access. Plus, they are often located in central areas, making them convenient for exploring the city. This temporary solution can help you save money while looking for a more permanent place to live.
Couchsurf
In exchange for a place to stay, Couchsurfers often offer to help their hosts with chores. It can be an excellent option if you’re open to meeting new people and willing to crash on their couches; it’s also a great way to temporarily save money on accommodation costs.
